JOHANNESBURG, June 14– Moody’s Investor Services has downgraded power utility Eskom’s credit ratings, this just a day after announcing a downgrade of South Africa’s five major banks. In a statement on Wednesday morning, Eskom announced that Moody’s had downgraded the corporate family rating (CFR) of Eskom Holdings SOC Limited (Eskom) to Ba2 from Ba1. The […]
CAPE TOWN, June 13 – The African National Congress (ANC) in Parliament on Tuesday said it was “perplexed” by the late-night resignation of Eskom chair Ben Ngubane and said it viewed his “resignation as an attempt to avoid being held accountable for his role in recent events at Eskom”. Public Enterprises Minister Lynne Brown announced […]
CAPE TOWN, June 13– Eskom board chairman Ben Ngubane has resigned from his post, Public Enterprises Minister Lynne Brown announced late on Monday night. “Dr Ngubane formally tendered his resignation, which I accepted,” Brown said in a statement. “I would like to thank Dr Ngubane for his contribution to turning Eskom around since the load […]
JOHANNESBURG, June 9 – Eskom said on Friday that two men had been arrested at its Zeus substation near Secunda in Mpumalanga, for attempting to steal cables. Eskom said the two were part of a group of five that had been spotted on Sunday near the substation, which had been a target for cable theft […]
PRETORIA – The High Court in Pretoria on Tuesday postponed an application brought by opposition parties, the Democratic Alliance (DA) and the Economic Freedom Fighters (EFF), which had asked the court to review Brian Molefe’s reappointment as Eskom’s group executive. Emerging from the court on Tuesday morning, Molefe’s attorney Barry Farber said the matter had […]
CAPE TOWN, June 5 – Public Enterprises Minister Lynne Brown is studying court documents filed by Brian Molefe to challenge his dismissal as CEO of Eskom, her office said on Monday. “We have received Mr Molefe’s documents. Minister’s Brown’s legal team is studying it,” her spokesman Colin Cruywagen said. Molefe has approached the labour court […]
JOHANNESBURG, June 5 – Eskom said on Monday it had initiated the process for the next revenue application to the National Energy Regulator of South Africa (Nersa) to hike electricity tariffs. Eskom has already implemented the decision by Nersa to cap the tariff increase for the 2017/18 financial year at an average 2.2 percent. The […]
JOHANNESBURG, June 4– Brian Molefe, who was fired as Eskom CEO last week, is launching a comeback fight by taking his former employer and Public Enterprises Minister Lynne Brown to court over his dismissal. Molefe will launch his urgent application in the Labour Court on Monday. In the application, which lists Eskom and Brown as […]
CAPE TOWN, June 2– Brian Molefe’s stint as Eskom chief executive officer officially came to an end on Friday, just three weeks after he was reappointed to the post, the power utility’s board confirmed. The decision comes after an interministerial committee resolved to ask the Eskom board to reverse its decision to reappoint him. Public […]
JOHANNESBURG, June 1 – Eskom has synchronised Unit 4 of the Medupi Power Station Project in Lephalale, Limpopo, to the national power grid, becoming the third of the power station’s six units to come on stream. The synchronisation of Unit 4, which happened on Wednesday, also marks a key milestone towards the full commercial operation […]